Mobile as a BCP solution
Mobile banking provides a great Plan B if a power outage, natural disaster, or other incident disrupts your business. All it takes is a smartphone, tablet, or other mobile device and security credentials to access your accounts.
You can help protect the cash in your company's accounts with these best practices and effective bank services:
- Emergency purchasing. An unplanned event usually means unplanned expenditures. Mobile banking provides a way to pay suppliers, fund expenses, or simply manage day-to-day expenses. From a smartphone, you can easily log in and approve payments, initiate wires, and manage commercial card accounts. Commercial card users can easily manage and control expenses by viewing account balances, seeing declined transactions, and even entering out-of-pocket expenses.
- Reporting and alerts. Mobile banking helps you keep tabs on your cash position, transactions, and daily deposits with reports formatted specifically for viewing on a smartphone or tablet. Mobile alerts inform you of critical transactions or items that require attention, with SMS options if your corporate email account becomes temporarily unavailable.
- Fraud prevention. Business disruptions can be a lighted opportunity sign for criminals. With mobile banking, you can help protect your company from fraud. Use of fraud-fighting technologies such as image positive pay and ACH fraud filtering can combat potential threats. Through a smartphone or tablet, you can receive alerts of suspicious transactions or activity, review exceptions, and even view check images to make pay or return decisions.
- Secure access. An emergency may mean transacting business from nonstandard locations or with different systems. Mobile banking extends the safeguards of your traditional online banking system to transactions conducted with smartphones and other mobile devices. Security tokens, advanced encryption technology, dual authentication, and other features protect your banking data and your transactions at all times. More important, mobile banking applications do not store sensitive data on your smartphone or tablet, so your account information remains safe even if your device is lost or stolen.
Mobile banking typically uses the same log-in credentials as your regular online banking systems, making it fast and easy to set up. It's a smart strategy to integrate into your company's business continuity plan and can add convenience and efficiency to many day-to-day activities.